Do you have to pay interest on student loans?
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Written on: 10.11.2009 [21:21]
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Christelle
Christelle
Topic creator
Posts: 4
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My Dad told me that student loans are interest free, but my friend tells me you're subject to pay interest charged in line with inflation. Do you have to pay any interest on student loans? |
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Written on: 15.11.2009 [01:42]
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Iman
Iman
Posts: 4
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According to SLC, the annual interest rate for the year 2009/2010 is 0%! I can't find out whether this will remain the case forever... Previously, interest was charged at the rate of inflation. So in a way both your Dad and your friend are correct As I say, there's no way to know what will be decided in the years to come... |
| Also very interesting: | |
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Written on: 25.11.2009 [12:28]
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Tyrone
Tyrone
Posts: 7
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It depends on when you took out the loan. I was shocked too, I always thought it was free and looking back when I was 18 I didn’t really care, I just knew I wanted to go to uni and needed a loan to get there. Now I get the summaries each year and they show how much has been added on each year and it’s a lot more than people think. But I am not complaining, I have a degree and their way of paying it back is very fair (even if you are left paying it for the rest of your life). |
